Europe Movers: BASF, BMW, Deutsche Bank, ING, Richemont

Arthi Gupta
05 Sep, 2012
New York City

Richemont confirmed operating profit for the six months to be around 20% to 40% higher than last year. BMW U.S. vehicle sales declined in August. Schneider disposed AXA stake for

[R]2:15 PM Frankfurt – Richemont confirmed operating profit for the six months to be around 20% to 40% higher than last year. BMW U.S. vehicle sales declined in August. Schneider disposed AXA stake for €120 million.[/R]

BASF SE fell 1.2% to €60.75 after the chemical company increased the price for its vitamin B2 products for human and animal nutrition by 10% globally.

BMW AG declined 1% to €54.82 after the automobile manufacturer reported total U.S. sales in August fell 5.7% to 22,553 vehicles from the 23,924 vehicles sold in the same month a year ago.

Deutsche Bank AG rose 1% to €27.925 after the financial service provider is likely to eliminate as many as 85 jobs in its equities units in Hong Kong and Japan, according to reports from Bloomberg.

Compagnie Financiere Richemont AG climbed 1.6% to Sfr60.10 after the Swiss luxury goods group reported sales growth over the five-month period to August was 13% at constant exchange rates or 23% at current rates.

ING Groep N.V. gained 1.1% to €6.074 after the Dutch lender intends to sell all of its approximately 54 million shares or 9% stake in Capital One in a public offering that could raise $3 billion. ING acquired the stake in Capital One when it sold its online division in the U.S. to Capital One.

Novartis AG advanced 0.9% to Sfr56.45 after the Swiss drug maker said that new data for Lucentis confirms long-term efficacy and benefits of individualized treatment.

Schneider Electric SA dropped 0.4% to €49.08 after the energy management specialist sold its 0.45% stake in AXA for approximately €120 million.

Swiss Re AG edged higher 0.1% to Sfr60.2 after the reinsurer completed the sale of its Admin Re U.S. business to Jackson National Life Insurance Co. The transaction results in an estimated loss on sale of $0.4 billion.